Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,443/mo
+$32/mo- Down payment
- $22,799
- Funds due
- $32,867
- Interest + MI left
- $355,090
- First ends
- Mar 2053
New loan
New conventional
$2,411/mo
Lowest payment- Down payment
- $33,000
- Funds due
- $40,952
- Interest + MI left
- $450,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $307,201 | $297,000 |
| Second mortgage | — | — |
| First P&I | $1,999.76 | $2,056.37 |
| Second P&I | — | — |
| Mortgage insurance | $147.61 | $59.40 |
| Taxes, insurance & HOA | $295.42 | $295.42 |
| Total housing payment | $2,442.79 | $2,411.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,799
Closing costs & prepaids$10,068
Usable credit−$0
Total buyer cash needed$32,867
Earnest money paid−$0
Remaining funds due$32,867
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$436.25
Prepaid interest, first (2 days)$106.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 4 moOf the original 30-year loan at 6.330%
Interest already paid$73,131Through Nov 2026
Assumption only · ends Mar 2053$355,090
New conventional · ends Dec 2056$450,420